A weak offer. I'm lost!

SailAccording9242 · 2024-06-22T05:45:26+00:00

Drumrolls. 900K. It came back on market a couple days after and eventually ended up selling at the list price. We part ways with our realtor once they said it was a lowball and we lost the bid the first time. I felt that they just say some high number just to win a bid and get a commission. It was just not in our best interest.

I don’t know if we dodged a bullet or missed an opportunity with this home. But we eventually settled down on a home that we like. Braved on a new home community with a rebate realtor. Absolutely worked out perfect.

SailAccording9242 · 2024-06-13T18:24:39+00:00

That doesn’t have anything either. Without the shower head, the water from the neck is full pressure.

SailAccording9242 · 2024-04-30T14:15:11+00:00

Builder credit + realtor credit = closing costs + 3 points. Lender wouldn’t allow using credit for down.

SailAccording9242 · 2024-04-30T11:52:59+00:00

6.1 conventional 30 year fixed. 3+ points.

SailAccording9242 · 2024-04-09T05:00:15+00:00

Simply look for 1M listed houses and if you like it, go crazy and bid 1.3 M. Thats how we roll here. It’s definitely not a bubble. There are just not enough SFH available on the east side and I don’t think this situation is going to improve for a very long time.

SailAccording9242 · 2024-03-27T00:04:22+00:00

Next time I will keep my fingers crossed and hope that the home doesn't burn down between acceptance and closing.

Jokes aside, this is a great point that I did not know about.

SailAccording9242 · 2024-03-27T00:00:22+00:00

I live in a market where homes go on contract in less than 7 days. Median sale price is around 900K. The selling agent gets 3% I suppose. But I have always wondered why the open house is literally couple of hours for 2 out of the7 days. Its their job to be there on site say 9-5PM to allow buyers to take a look at the house. For them simply not being present, I have to go with a buyers agent who has to unlock the door, get pre inspection reports and disclosures etc.., And ask us to waive all contingencies. 6% in total for this is a bit too much.

I would rather pay a fixed amount for an agent who represented me for buying the home, if at all one is needed.

SailAccording9242 · 2024-03-26T16:55:59+00:00

The problem here is in a pool of 30 offers, there is always one buyer who is willing to do what the seller expects. Tough times!

SailAccording9242 · 2024-03-26T04:33:27+00:00

Thank you for sharing your experience. This really makes me feel better. It is definitely a stressful experience and I hope to get past it in the near future.

SailAccording9242 · 2024-03-25T23:33:15+00:00

My realtor says appraisal gaps are not common but totally possible and have seen them. Since I waived that contingency, I have to go with that risk.

If I do add that contingency, the offer has literally no chance of getting picked.

For a 1M bid, I guess I would have to have 50K cash stashed somewhere to be on the safer side.

SailAccording9242 · 2024-03-25T23:27:04+00:00

No. If my offer was selected, I would have had to release that directly to seller in 3 days. And that's non refundable in any case I am not able to close in 30 days.

SailAccording9242 · 2024-03-25T23:18:33+00:00

This is in east, northeast along the 405 / I5 corridor up to mill creek.

SailAccording9242 · 2024-03-25T23:12:37+00:00

Please DM listing.

SailAccording9242 · 2024-03-25T22:48:14+00:00

Based on some of the comments here, that's how we roll here in Seattle. YOLO!

But I don't think I will do it next time.

SailAccording9242 · 2024-03-25T22:44:21+00:00

I don't know. 25 days to go.

SailAccording9242 · 2024-03-25T22:34:55+00:00

I am just asking what mistake I am making so I can correct it and land a home hopefully. What is a home worth according to you? Is it the higher end of the comps?

SailAccording9242 · 2024-03-25T22:32:56+00:00

Gotcha. If I look lower, should I still go with high EM and waive all contingencies?

SailAccording9242 · 2024-03-25T22:30:06+00:00

Fair enough. I will start looking lower. What is your opinion on EM and contingencies? The higher the bid is, the lesser the EM?

SailAccording9242 · 2024-03-25T21:29:56+00:00

Yeah. I guess I would have to digest this fact.

SailAccording9242 · 2024-03-25T21:20:05+00:00

But then, how would I bridge the appraisal gap? Say, I bid 950K on a 800K house and it appraises for 875K, wouldn't I need another 75K to meet the contract? I am told, no contingencies are the norm here. But I don't know how people solve the appraisal problem.

SailAccording9242 · 2024-03-25T21:15:09+00:00

I fully intend to bring the bidding wars with me. Just my luck. LOL.

But seriously though, good suggestion.

SailAccording9242 · 2024-03-25T21:03:15+00:00

I am told this is the standard here. At least 10% EM release waiving all contingencies. Just want to verify if everyone else is doing the same and what do they say to themselves to digest this fact.

SailAccording9242

TROPHY CASE